Steelmaker BlueScope has confirmed speculation it received an unsolicited indicative takeover proposal from two companies at a price of A$30 (US$20.10) per share.
The proposal was made by SGH Limited (ASX: SGH) and U.S. steelmaker Steel Dynamics (NASDAQ: STLD) in a deal that would see SGH acquire all of Bluescope’s shares and then on-sell its North American business to Steel Dynamics.
“The Board of BlueScope is committed to optimising value for its shareholders across all of its businesses, and continues to regularly assess all options for accelerating the realisation of this value,” BlueScope said in an ASX release.
The offer values BlueScope at 24% more than its sharemarket value at the start of this week.
BlueScope also confirmed that it has pushed back on multiple proposals from Steel Dynamics since 2024.
“These approaches were rejected as they significantly undervalued BlueScope and its future prospects, and presented significant execution risk in relation to regulatory outcomes,” the company said.
SGH also confirmed that potential deal in an ASX release.
In the SGH media release, the company said the deal would be worth A$13.2 billion.
BlueScope’s North American operations generate almost half of its sales, according to its latest annual report.
At the time of writing, BlueScope (ASX: BSL) stock rose 0.31% to A$24.45.
